You’ll need to do some homework to determine which exchange is the best for your needs. Since Bitcoin is the original and most popular cryptocurrency, you can be reasonably sure that all the exchanges listed above will offer it. You may also want to look into what other cryptocurrencies they offer if you have plans to expand your portfolio. $23.6 billion home in 2018) and payment for school fees, suppliers and freelancers, she said. But now Bitcoin is also used as a second source of income, a hedging tool, and has even funded a human rights protest, after banks suspended organizers’ accounts. “The ban was never going to stop a ship that is far gone on sail,” Eric Annan, co-founder of cryptocurrency trading platform KuBitX, told Al Jazeera. This letter sparked a lot of reactions and caused a lot of confusion amongst the people as to whether they can still buy bitcoin in Nigeria and engage in crypto transactions. This prompted interviews with top officials of the CBN and they explained that the CBN release is not to discourage people from trading crypto but it shouldn’t be linked to the banking sector.
- Here is how to buy Bitcoin step by step on Bianance P2P using the app.
- There will be people who are willing to pay more just to use that payment method that is harder to find.
- In this tutorial and guide, am going to show you how to buy Bitcoin by debit card (i.e. with your local bank ATM Credit and Debit cards).
- The episode reinforced the need many Nigerians felt to insure themselves against sudden moves by the authorities.
- And if you’re wondering if you have to pay taxes on crypto, we answer all your questions here.
- This way, you can buy Bitcoin even faster — you don’t have to type in your payment card data.
Binance implemented some measures to help checkmate scams and crime on the p2p trade. With p2p on Binance, Nigerians who can not access foreign fiat can buy and sell crypto using the NGN. Another concern about bitcoins is that they damage the environment. Bitcoin mining – the process in which a bitcoin is awarded to a computer that solves a complex series of algorithms – consumes vast amounts of energy.
Thus, it is overly difficult to access foreign currency in Nigeria. By Franklin IzuchukwuBinance P2P trading is peer-to-peer trading of cryptocurrency. P2P trading gives Nigerians access to the cryptocurrency market. Read on about the p2p trading on Binance and how to buy coins or tokens in Nigeria.
Going long means that you expect bitcoin’s price to rise, and going short means that you expect the price to fall. For example, if you owned some bitcoins but were concerned about a short-term drop in their value, you could open a short position on bitcoin with CFDs. If the market price of bitcoin falls, the gains on your short position would offset some or all of the losses on the coins you own. With IG, you can take a position on the price of bitcoin with financial derivatives like CFDs.
Here Are The Top Exchanges To Purchase Bitcoin Safely In Nigeria, Handpicked And Updated By Our Team
Each BCH wallet you create can be used to securely send, receive, and store your SLP tokens, which are digital assets that exist on the BCH blockchain. For BCH, thanks to low network fees and near-instant confirmation time, you can send a payment link (aka “Sharable Link”) to anyone using any channel (eg. Messenger, SMS, email, Whatsapp, and so on.). That means you can earn interest on your cryptoassets, trade using decentralized exchanges, participate in NFT marketplaces and much, much more. Buy, sell, store, trade, and use cryptocurrency with the Bitcoin.com Wallet, trusted by millions.
International Visa or Mastercard credit card payments are accepted. One thing to note is that credit card processing fees may mean that paying with a credit card is less cost-effective than other payment options. Go buy gift cards with cash from your local store like Blessings Computer or Konga.com. Choose the payment method above and type in how much money you have on card and click “Buy Bitcoin now”. Upload pictures of the back of the card scratched off and the receipt.
When choosing an exchange you have to think of 4 factors – geographical availability, payment methods, delivery times & fees. Changelly is an intermediary platform between crypto exchanges and users. Users can post trade offers and search for offers with suitable payment methods and amounts. The increased awareness and availability of easy-to-use bitcoin platforms to Nigerians have largely increased bitcoin liquidity in the country, therefore solving the first problem hindering adoption. Nigerians now have several formal and semiformal bitcoin platforms to use, ranging from international platforms including Paxful, Binance, and Luno, and local ones such as Quidax, Busha, and BuyCoins. However, long-term watchers say most trading in the country is done on informal channels such as Telegram, WhatsApp, and WeChat. During the police brutality protests in Nigeria in October, bitcoin saved the day when the government shut out protesters from using local payment platforms for collecting donations to support it. Cash App is already the easiest way to send and receive money with friends and family. We’ve made it just as easy to buy and sell BTC straight from your Cash App balance. Unlike other apps, most of our buys and sells happen in seconds.
Nigeria Is Emerging As A True Bitcoin Nation
Enter the quantity you want to sell, select a payment method, and click on Sell BTC. The best way to cash out your Bitcoins is definitely Binance P2P because you can choose among multiple buyers and there’s no withdrawal limit on P2P. Remember as we said at the beginning of this guide, you need to complete your account verification. Choose the offer that works best for you and enter the quantity you want to buy, select a payment method, and click on Buy BTC. Select the Bank payment method and the NGN currency to buy the crypto. Another significant benefit of buying Bitcoin from Remitano is that it supports the banking system in Nigeria and the returns acquired from trading can be paid directly into your bank account. The problems this has posed for the typical Nigerian transacting with their global partners has spurred the demand for a more reliable alternative currency that requires no permission. And despite attempts by the government to crack down on crypto, youthful Nigerians are showing their ingenuity in finding ways to access this financial lifeline. It is possible you have not activated your card for online transactions with your bank or your bank does not currently support this service. In fact, according to Chainalysis, Nigeria is the top sixth globally in their global crypto adoption index.
When you find an ideal offer, easily open it by clicking the buy or sell button. Invite friends and earn lifetime commissions from every trade they made. This is up to you; Paybis does not offer any investment advice. We don’t offer our customers any investment advice, and we definitely don’t ask them to buy Bitcoin. Our dedicated fraud prevention team is always ready to investigate any suspicious attempts to buy Bitcoins. Advocates of bitcoin say the mining is increasingly being done with electricity from renewable sources. And while the amount of energy consumed by bitcoin has dropped significantly this year, concerns remain.
Britain’s chancellor, Rishi Sunak, is looking at creating a central-bank-controlled version, already being called Britcoin. EU regulators have set out plans to make digital currencies more traceable, in order to combat money laundering. In rural China, rows of computers used to create bitcoin in a computational process known as “mining” are being switched off after a clampdown by the authorities. Pursa Exchange is a secure platform that makes it easy to buy, sell, convert or load card with bitcoin instantly in over 230 countries. Most of the exchanges operating in Nigeria have debit/credit card payment options available. In addition, cold storage for the majority of their cryptocurrency, GSLB and distributed servers, and real-time account monitoring of deposits and withdrawals. Binance provides 2-factor authentication and offers both multi signature wallets and cold storage options. Previously known as BitX, Luno was founded in 2013 in South Africa. Luno serves upcoming markets that lack local cryptocurrency exchanges and as such has a strong presence in presence in South Africa, Singapore, Nigeria, Malaysia, and Indonesia.
Our mission is to give working people a simple, fair and secure platform for trading the value of their work. Often our biggest problems revolve around money, earning it and transporting it. We are dedicated to unlocking the power of people by building a global peer to peer payment logistics platform of the future. There are so many different crypto scams out there these days—fake cold wallets, Twitter hacks, mining apps, scam calls, database hacks—that the FTC has issued a warning to consumers. As such, we recommend you find a reputable wallet and exchange that offer robust security features.
In fact, Nigerian commercial banks have begun freezing bank accounts linked to cryptocurrency. People in Nigeria may use real debit and credit cards of Mastercard, VISA and Skrill payment systems. They can also purchase virtual cards worked out by special services. This goes via platforms such as Paxful or Local Bitcoins, which vet both parties. But other users just exchange crypto for Nigerian naira or other currencies with people they find on WhatsApp or Telegram. Chainalysis, in a report last month on African crypto, said the central bank ban locked most Nigerians out of traditional crypto exchanges, so many shifted to a peer-to-peer system.
Like gold, Bitcoin price has been fluctuating and it’s expected to see steady growth in Bitcoin price, especially when economic times are fragile. No matter which wallet type you use, you’ll need to link a payment method to it for purchases. That can be a bank account, or a payment service like PayPal or Apple Pay. When submitting payment information, you’ll have to verify your identity. Nigeria is Africa’s largest economy, its most populous country, and home to one of the youngest populations in the world. Global peer-to-peer crypto exchange Remitano is currently developing its native token, RENEC, to improve the quality of services delivered to customers, reduce transaction fees and ensure secure and swift transactions. While RENEC is still in the development phase, Remitano has provided an amazing opportunity for old and new Remitano users in Nigeria to earn FREE RENEC. On February 5, the CBN released a ruling that orders all financial institutions to stop facilitating crypto transactions and desist from transacting with entities engaging in crypto. The statement also instructed all banks and financial institutions to close accounts of individuals or entities engaging in this type of transaction. Bitcoin can be bought directly when using Credit/Debit cards unlike with bank transfer payment option, where you have to buy Stablecoins first before buying BTC.
The KYC process includes verifying your identity with a valid identification document. This must be done before most platforms will allow you to make a purchase. Once your account has been verified, you’ll need to choose which cryptocurrency you wish to purchase and how much, as well as which payment method you’d like to use. Make sure to review the total cost for the transaction, including fees, before confirming the purchase. Read more about DRGN to BTC here. To store the cryptocurrency you purchase, you must have access to a crypto wallet. You can use a wallet that is naively provided by crypto exchanges or use a wallet for which only you have access to the private key. This latter option includes hardware wallets, such as Ledger Nano S, desktop software wallets, such as Electrum, or mobile apps, such as Trust Wallet.
In conclusion, there are some other reasons why crypto continues to thrive in Nigeria. A lot of Nigerians use bitcoin to hedge against inflation as naira continues to lose its value, so crypto traders and investors continue to find ways to buy bitcoin in Nigeria. However, the stance of Nigeria regarding crypto is still not solid. Bitcoin has already passed the $68,000 mark in Nigeria, but that’s if you use the official exchange rate. There has been a cautious stance taken by the Nigerian government regarding Bitcoin cryptocurrency. Despite it being a global exchange, there are restrictions for users from up to 13 states of the USA . The information in this site does not contain investment advice or an investment recommendation, or an offer of or solicitation for transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Trading bitcoin works by enabling you to take a speculative position on bitcoin’s price movements with financial derivatives such as CFDs.
Use every single tool available to protect your assets so you’ll be less likely to run into trouble long-term. As cryptocurrencies have evolved and gained a measure of legitimacy in the public eye, crypto exchanges have grown with them into something that can be nearly equivalent to traditional stock exchanges. Some will even let you choose a recurring dollar amount to invest every day, week, or month. A paper wallet is a type of cold wallet in which the public and private keys needed for a transaction are printed on a piece of paper for an extra measure of security. A transaction cannot be made without the information on the piece of paper, which is generated online and can then be printed. More often used for long-term or high-security investments, they’re intentionally slower to use than other kinds of cryptocurrency wallets.
In addition to securing your cryptocurrency investment with the a secure wallet, you should also understand how you can safely guard your crypto wallet from loss, hacking, misplacement, armed robbers or theft etc. Although cryptocurrency is a 24 hour a day, seven day a week market, some hours will see increased volatility and liquidity. For example, 12pm UK time can see some increased volatility as both the UK and US markets are getting into their stride for the day. Trading bitcoin can be risky due to volatility in the market. However, when you open an account with us, you’ll get access to all of our risk management and educational tools. These include in-platform stops and limits, and the educational resources available on IG Academy – so you can take control of your trading. Trading financial derivatives makes it possible to go both long or short, depending on the current market sentiment.
Exchange Yellowcard, which has adopted the peer-to-peer model in Nigeria since February, told Reuters that use “has continued to absolutely skyrocket”. But Joseph’s appetite for crypto, like many in Nigeria, has only increased. “Crypto just allows me to transact freely and within minutes we are done with our transactions,” the 28-year-old told Reuters from a friend’s studio in Lagos where he displays his works. Your deposit is currently being processed by the payment service. Please allow up to 30 minutes for the payment to be processed. Please review the details of your order before continuing with the payment process. Your payment details are handled in compliance with PCI DSS by Moonpay.io. Since its inception, Bitcoin was the biggest and most influential digital asset that has transformed the current ecosystem.
Choosing your investment strategy is important to success in investing. A common strategy is to buy and hold onto Bitcoin in the hopes of riding out the ups and downs in valuation for a higher average return. Whichever exchange you choose will require proof of identification—usually a driver’s license or state-issued ID if you’re in the US—when signing up. Being asked to submit proof of address and scans of additional documents like a passport is also a possibility. For the best experience, top crypto news at your fingertips and exclusive features download now. Tweeted Jack Dorsey, CEO of Twitter and payment provider Square, at the conclusion of a whirlwind tour of the continent last year.
Bitcoin is propping up businesses unable to obtain the US dollars needed for international trade. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. However, things have taken a different turn because, despite the ban, crypto continues to thrive in the country. Let’s look at why and how crypto continues to thrive despite the ban. Before going into why crypto continues to boom in Nigeria even with the ban, let’s look at the details of the crypto ban in the country. Sai Life Sciences, a leading global Contract Research, Development & Manufacturing Organization (CRO/ CDMO), today announced the release of its 2021 Sustainability Report. All contents on this website are solely for informational purposes. The opinions expressed on each article do not constitute investment advice from certified advisor, and independent financial research should be sought where appropriate. Bitcoin ATM is the best method to buy Bitcoin anonymously, and without providing personal detail or document, instead you have to pay higher amount for the Bitcoin transaction to be confirmed.
By not having fixed fees on trades, Changelly avoids being accountable for risk and volatility. Additionally, without fixed rates, Changelly is able to charge lower commission fees. After buying bitcoin from an exchange, it’s important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin. NairaEX claims that all cryptocurrency assets are stored securely offline with a leading wallet custodian. It claims to have over 100,000 users and makes buying and selling Bitcoin quick and easy. Weekly trade volume in Nigeria reached almost 2 billion Naira but has since moderated to around 1.3 billion per week. Select the Bank payment method and the NGN currency to sell the crypto. Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit.
P2P allows crypto traders to buy and sell cryptocurrency with fiat . There is a general misconception about cryptocurrency and the latest Government policies on the cryptocurrency trade. Clacified wishes to clarify that the Nigerian Federal government did not ban cryptocurrency trade in Nigeria. Another Nigerian government agency, the Securities and Exchange Commission, has been more open to creating a more regulated environment for cryptocurrency transactions. Platforms have also adjusted, by continuing to facilitate transactions as long as the currency being traded is not declared as a cryptocurrency. Bitcoin is a digital currency or asset depending on the perspective, its benefits cannot be overemphasized, and it is sometimes referred to as digital gold. As it is, the increased value of Bitcoin and the depreciation of the Nigerian Naira has boosted bitcoin adoption in Nigeria.
Luno also offers a Bitcoin wallet which is available for web, Android and iOS. CEX.IO is a London based exchange that allows you to purchase Bitcoins with a credit card, debit card or wire transfer. Other advantages of CEX.IO include the ease of use and quick customer support. However, fees charged for credit and debit card purchases are quite high. Use the Discover section in the app to locate merchants near you who accept cryptocurrency payments in-store. Browse websites where you can checkout with crypto and find other cool features like games, gift cards, and more. Although cryptocurrency is growing at an unprecedented rate, it appears that these Nigerian financial institutions are still oblivious of its potential impact.